No!

Paying your debt off once it has negative marks with a creditor will not restore your credit in any way. You would think that by clearing up your old balances on your outstanding debt that this would be a contributing factor in cleaning up your credit file but, this just is not the case. When you pay off an old account it simply changes the listing to appear on your credit file as a paid charge off or a paid collection. This in turn still leaves you with a negative credit listing. This action will actually allow the negative item to be reported for another seven years as negative credit and will go on to hurt you for years to come.

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